Wireless EV Charging Market by Application, Component, Market, Power Supply Range, Charging Type, Vehicle Type And Region - Global Forecast to 2025
NEW YORK, Sept. 13, 2017 /PRNewswire/ -- "Growing charging infrastructure and rising consumer demand for fast and convenient charging are expected to drive the wireless EV charging market during the forecast period"
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The global wireless EV charging market is projected to reach a market size of USD 7,094.8 million by 2025 from an estimated USD 953.9 million in 2020, growing at a CAGR of 49.38% from 2020 to 2025. The market growth is primarily driven by factors such as an increase in demand for electric vehicles due to government policies and subsidies favoring electric vehicle charging stations (EVCS) and technological advancements. The growing infrastructure of fast chargers for electric vehicles is another key driver for the wireless EV charging market.
"The >50 kW segment is estimated to be the fastest growing segment of the wireless EV charging market, in terms of value"
The >50 kW power supply range is estimated to be the fastest growing segment of the wireless EV charging market during the forecast period. The growth of this segment is driven by the huge incentives from the government for the installation of fast chargers and subsidies for the public charging infrastructure. The increasing demand for commercial electric vehicles is also contributing to the growth of the high power supply range. Electric buses and electric trucks require a heavy power supply of more than 50 kW to charge their high capacity batteries.
"The Battery Electric Vehicle is estimated to be the largest segment of the wireless EV charging market"
The battery electric vehicle (BEV) is estimated to hold the largest market share during the forecast period. The penetration of the wireless charging system for BEVs is greater than that of PHEVs because the electric vehicles are completely powered by a battery and have no backup fuel source. The battery electric commercial vehicles are also emerging gradually in the market. The wireless EV charging market for BEVs is estimated to grow in the coming years due to strict emission norms by the governments of various countries and increase in the distance traveled by electric vehicles.
"Asia-Pacific is estimated to be the largest wireless charging EV market"
Asia-Pacific is projected to be the largest regional market for wireless charging of electric vehicles in 2020. The key factors driving the adoption of electric vehicles include climate concerns and rising oil prices. Further, the possibility of reducing carbon emissions by electrifying the transportation has caught the attention of local and national government officials in countries such as China and India. The Indian wireless EV charging market is estimated to be the fastest growing market during the forecast period. The market growth can be attributed to the increased adoption of electric vehicles due to favorable government policies and incentives. India is also increasing its R&D capability through joint efforts with various countries.
The study contains insights provided by various industry experts, ranging from wireless EV charging system manufacturers to automobile OEMs and various automotive associations. The break–up of the primaries is as follows:
By Company Type: Tier I–63%, Tier II–24% and Tier III–13%
By Designation: C Level–50%, D Level–38% and Manager level–12%
By Region: Asia-Pacific- 25%, Europe-37%, North America-25%, RoW-13%
Players profiled in the report are:
• Continental AG
• Robert Bosch GmbH
• Qualcomm, Inc.
• Toyota Motor Corporation
• Bombardier Inc.
• WiTricity corporation
• Hella KGaA Hueck & Co.
• Evatran Group
• Toshiba Corporation
• ZTE Corporation
• ELIX Wireless
• HEVO Power
Research Coverage
The report covers the wireless EV charging market by application (Home charging Unit and Public Charging Station), market (Aftermarket and OE Market), component (Base Charging Pad, Power Control Unit, and Vehicle Charging Pad), power supply range (3-<11 kW, 11-50 kW, and >50 kW), vehicle type, charging type, and region (Asia-Pacific, Europe, North America, and RoW).
Reasons to Buy the Report:
The report provides insights into the following points:
• Market Penetration: The report provides comprehensive information on wireless charging systems for electric vehicles offered by the top players in the industry.
• Regulatory Framework: The report offers detailed insights into norms leading to the application of wireless charging such as public charging stations and the effect of the regulations on the market.
• Market Development: The report provides comprehensive information on various trends of wireless charging technology. The report analyzes the market for wireless charging technologies across several countries.
• Market Diversification: The report provides exhaustive information about emerging technologies, recent developments, and investments in the global wireless EV charging market.
• Competitive Leadership Analysis: The report provides company-level mapping of net sales, growth rate of a company's net sales, overall regional presence, company's presence/plans in emerging countries, mapping of inorganic and organic developments, manufacturing plants, company's presence in the OE and aftermarket segments, product offerings (breadth and depth), new product developments in recent years, and R&D expenditure, among others.
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